Real Estate Investing in Ironwood, Michigan (49938)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 49938 (Ironwood, MI)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A balanced market — moderate cash flow and moderate appreciation. A "steady" investor profile fits best.
- High vacancy: 19.8% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Ironwood, MI (49938)?
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Market Analysis: 49938 Ironwood
The 49938 ZIP in Ironwood, MI is a local-operator market. Outside capital chasing a $113K entry has to pair deep knowledge with the discount.
Looking more closely, the numbers look inviting — $113K purchase price, 0.0% nominal cap — the work to hit that pro forma in 49938 is substantial and deserves full respect.
Regionally, 49938 sits on the difficult end of the MI spectrum. The a credible choice for read — for disciplined operators — is that pricing reflects the difficulty.
The 49938 ZIP's population of 7,424 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that sits at the need for careful underwriting.
Strategy in 49938 is an operator game, not a passive one. From a cash-flow lens, entry prices of $113K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Ironwood:
Property Strategy for 49938
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $84,092 | $970 | 8.3% | +12.5% | $42,046 |
| 3BR | $101,200 | $1,350 | 9.6% | +10.4% | $33,733 |
| 4BR | $118,923 | $1,410 | 8.5% | +10.8% | $29,731 |
Market Trends
Home Value History (with trend line)
📊 How Does 49938 Compare?
| Metric | 49938 | Ironwood | Michigan |
|---|---|---|---|
| Home Value | $113,154 | $113,154 | $253,279 |
| 5-Year CAGR | 7.1% | 7.1% | 6.8% |
| Avg Rent | $873 | $873 | - |
| Cap Rate | 6.0% | 6.0% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 49938 (Ironwood, MI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $113,154 |
| Monthly Rent | $873 |
| Price-to-Rent | 10.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 9.3% |
| Cap Rate | 6.0% |
| 5-Year IRR | 13.1% |
📈 Home Appreciation
| 1-Year | +12.1% ▲ |
| 3-Year CAGR | +7.6% ▲ |
| 5-Year CAGR | +7.1% ▲ |
| 10-Year CAGR | +6.8% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (6.0%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 49938
Population: 7,424
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 49938
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
What is the average monthly rent in Ironwood, MI?
Rental rates in Ironwood, MI average $873/mo. Tenant demand and $113K home values make the yield look reasonable by investor standards.
Are tenants stable in Ironwood, MI?
Tenant demand in Ironwood, MI is solid. The local workforce $873/mo rents across most rental classes.
Should investors consider Ironwood, MI?
Investors tracking Ironwood, MI will find a 4.0/5 rating supported by $113K median home values and $873/mo rents. That profile suits long-term holders targeting consistent returns.
What does house hacking look like in Ironwood, MI?
Ironwood, MI offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $873/mo rent level.
What investment strategy works best in Ironwood, MI?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Ironwood, MI. The numbers - $113K homes against $873/mo rents - support that play.
You know 49938 now. You don’t know where it ranks.
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